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Whereas the federal government has no idea what its assets are currently worth; Whereas the federal government currently has surplus property with an acquisition cost of $1,323,387,000 and may have property worth many times this amount that is not needed by the federal government. . . .

A parody? A satire? No, these are simply the facts in two of the dozen whereases leading up to the point of a Senate resolution recently proposed by Senator Percy. It calls on the president to assess and sell off unneeded government property - and apply the receipts to lowering the national debt.

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Mr. Percy notes that when the government values its land in Nevada at 65 cents an acre, in California at $21, and in his own Illinois at $300, there must be only a fraction of market value on the books. As a former businessman, he suggests a company's top management ought to know what its assets are actually worth. As a management-minded chief executive, can Mr. Reagan disagree?